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Find how much should be recorded as goodwill for transaction

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Reference no: EM132775965

Annapolis Company was recently sold for $450,000. Annapolis had assets & liabilities appraised at the time of the sale in the amounts of:

Item                                                        Amount

Accounts Receivable assumed by buyer   $123,000
Inventory                                         $280,000
Property, Plant & Equipment (net)  $565,000
Notes Payable assumed by buyer          $645,000

Problem 1: Using this information, how much should be recorded as Goodwill for this transaction?

Reference no: EM132775965

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